British firm Roli made its name with its innovative Seaboard keyboard instruments, before recently expanding into music education with its Lumi keyboard and subscription service. However, business has been challenging, and reports today reveal that Roli has filed for administration, but plans to return with a new name – Luminary – and a focus on the Lumi business.
“Ultimately what happened was the pro-focused products we initially developed, although successful within their marketplace, the marketplace wasn’t big enough given our venture trajectory,” founder Roland Lamb told Insider, which reported that Roli generated $16m of revenues in the 18 months up to the end of June this year, but recorded a $47m loss for that period.
“We had our eyes set on hyper-growth and that proved to be difficult,” said Lamb. Universal Music group and Sony’s Innovation Fund had been among the investors in Roli, which raised $44.1m in funding since being founded in 2009.
For more on the Lumi business, read our October 2020 interview with Lamb.